At the last summit this year, EU leaders had to decide whether they would continue to financially support Ukraine in the fight against Russia's aggression, and if so - how. After almost four years of war, the cost of this support is significant. Next year, Ukraine has a hole of 71 billion euros to fill its budget and will not do so without the help of the West.

But also the economy of a much larger, resourced and armed to the teeth of Russia is also in a bad state. Russia’s financial reserves accumulated in the past have run out and already this year the Kremlin to finance its war machine began to reach deeper and deeper into the pockets of the Russians, raising their taxes. Next year, the tax screw will press them even harder. Even darker for the Russians draw prospects after 2026.